When in a foreign country, it is a common practice to send money overseas or back to your hometown. This is possible in Japan too; however, there are a few things to be kept in mind, while transferring money from Japan. Let us look at the procedure and options you can use for sending money outside Japan.
There are fundamentally 4 options that can help you transfer money from Japan overseas smoothly. These are:
a. Transfer from your bank.
c. SevenBank from Western Union and,
a. Transfer from your bank – This involves a transfer of funds from your principal bank to the bank overseas. Choosing this mode of transfer might take anywhere between 2 days to 2 weeks for the amount to reflect in your overseas bank account. Be sure to look through the exchange rates and initial transfer amount charged by the bank before opting for this mode.
b. GoRemit from Shinsei – GoRemit is a great way to send money overseas because of its speed. The process is quite simple. You would first have to create an online application, fill up some personal details, attach a couple of your document copies and send it across for account creation and verification. Upon completion, you will receive a "welcome-pack" within about 2 weeks. This will contain some essentials along with the B-Link number to be used while making transactions. To make transactions through Go-Remit you would have to first make a transfer from your bank to the GoRemit account. The amount in the GoRemit account will then be deposited in the overseas bank account within 2-3 working days. Although GoRemit is operational in the Japanese language, your welcome pack would contain a bilingual letter that you can approach GoRemit with, making things easier. GoRemit is the best option to roll with if you have to make transfers in higher amounts such as 100,000 JPY.
c. Seven Bank from Western Union – Japanese convenience store 7-11, in association with Western Union provides easy, over-the-counter money transfers in many places in Japan. The exchange rate is decent and it may take around 2-5 days for the money to be deposited in the overseas bank account. You can find Seven Banks close to Travelex currency exchanges in Japan. Carry your ID card, passport and 'My Number Card' for identity verification before making the overseas transfer.
d. Transferwise – Transferwise is another good option to go for because of its extremely low exchange rates. The process is pretty easy too. To create your
Transferwise account, you would have to upload a copy of your residence card and My Number card to your TransferWise account. They will send you an activation code shortly after, which needs to be entered and voila, your account is set up successfully. Transferwise works in close lines with GoRemit, meaning that you would first have to
deposit an amount in your Transferwise account which would then be forwarded to your overseas bank account within 1-2 business days. You will receive a confirmation email from them once the deposit reaches your bank account successfully.
With many options to transfer money overseas from Japan, the process has become streamlined, affordable and convenient. We hope this article has helped you understand the different methods through which you can send money overseas from Japan. All the best!